History of Liberia. It is a well known but still interesting bit of trivia that the capitol of Liberia is named after President Monroe.
From the site:
Portuguese explorers established contacts with Liberia as early as 1461 and named the area Grain Coast because of the abundance of grains of Malegueta Pepper. In 1663 the British installed trading posts on the Grain Coast, but the Dutch destroyed these posts a year later. There were no further reports of European settlements along the Grain Coast until the arrival of freed slaves in the early 1800s.
Liberia, which means "land of the free," was founded by freed slaves from the United States in 1820. These freed slaves, called Americo-Liberians, first arrived in Liberia and established a settlement in Christopolis now Monrovia (named after U.S. President James Monroe) on February 6, 1820. This group of 86 immigrants formed the nucleus of the settler population of what became known as the Republic of Liberia.